Allied Waste profit plunges on charges

SAN FRANCISCO (MarketWatch) -- Garbage hauler Allied Waste on Wednesday said its profit plunged 72% in the third quarter due to divestiture losses and impairment charges relating to landfills in the Southeast and Midwest regions.

The Phoenix-based company
AW
posted a profit of $17.8 million, or 5 cents a share, down from $62.9 million, or 17 cents a share, a year ago. Earnings from continuing operations, excluding refinancing costs, came in at 24 cents a share.

Analysts polled by Thomson Financial had expected a profit, on average, of 22 cents a share on sales of $1.6 billion.

Last week, Waste Management Inc.
WMI, -1.04%
Allied's top rival, reported a 7.3% drop in third-quarter profit, hit by a costly workers strike in Oakland, Calif., lower volumes, and the loss of a key tax credit. See full story.

Allied shares joined in a broader market rally that was triggered by the Federal Reserve's move to cut interest rates by a quarter point. The stock closed up 1.8% at $12.64.

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